TAX
CGT annual exemption – use now while stocks last!
Each tax year, individuals receive a Capital Gains Tax (CGT) annual exemption, allowing them to make gains up to a set threshold without paying CGT. However, this exemption...
Charging your children rent?
With effect from 6 April 2016 the tax free amount of rental income you can receive from renting out a room or rooms in your home increases from £4,250 to £7,500 per annum. If...
Research and Developments Credits
At Lewis Brownlee, we are proud to announce that the Research and Development Tax Credits claims we submitted in March exceeded £3 million—a new record for us! This milestone...
Income disregards for tax credits
From 6 April 2016, the threshold for income disregards for tax credits has been reduced from £5,000 to £2,500. This means that if your income increases within the tax year,...
CIS returns for nil payments
Under the Construction Industry Scheme (CIS), contractors must submit a monthly CIS return to HMRC, even if no payments were made to subcontractors during the period. Failing...
Time limits for submitting self-assessment tax returns
Due to a defeat in the Upper Tribunal HMRC have clarified the legislation. Tax returns for the years up to and including the year ended 5 April 2013 must be submitted by 5...
‘Simple assessment’
Legislation will be introduced in Finance Bill 2016 to enable HMRC to send a Simple Assessment notice to customers with straightforward tax affairs which will set out their...
Deemed domicile with effect from 6 April 2017
Two categories of persons will be affected by the proposed changes: Non-UK domiciled individuals who have resided in the UK for at least 15 out of the last 20 tax years before...
Nudge letters from HMRC
Understanding Nudge Letters from HMRC The nudge letters from HMRC are a strategic tool used to encourage taxpayers to settle disputes or disclose unpaid tax. These letters are...
Capital gains tax and gardens
When selling a property, homeowners often assume that any profit is automatically free from Capital Gains Tax (CGT) due to Principal Private Residence (PPR) relief. However,...
Determinations under self-assessment
If you are issued with a notice to file a self-assessment tax return and do not file it on time HMRC can issue a determination of your tax liability within three years of the...
Transferable Married Couple’s Allowance
Understanding the Transferable Married Couple’s Allowance The Transferable Married Couple’s Allowance was introduced on 6 April 2015 to help married couples and civil partners...